Assenagon Asset Management S.A. Invests $8.88 Million in Heico Corporation $HEI

Key Points

• Assenagon Asset Management bought a new stake in Heico during the first quarter, acquiring 32,389 shares valued at about $8.88 million.
• Several analysts turned more bullish on Heico, including Truist upgrading it to strong-buy and Citigroup raising its price target to $403; the stock now carries a Moderate Buy consensus with an average target of $371.62.
• Heico recently reported better-than-expected earnings of $1.66 per share on revenue of $1.38 billion, while also announcing a $0.13 per share dividend payable July 15.

Assenagon Asset Management S.A. purchased a new stake in Heico Corporation (NYSE:HEI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 32,389 shares of the aerospace company's stock, valued at approximately $8,881,000.

A number of other hedge funds have also modified their holdings of the company. IFC & Insurance Marketing Inc. acquired a new position in Heico in the fourth quarter valued at about $26,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Heico by 1,000.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 88 shares of the aerospace company's stock worth $28,000 after acquiring an additional 80 shares in the last quarter. Birchwood Financial Partners Inc. acquired a new stake in Heico during the 4th quarter worth approximately $32,000. V Square Quantitative Management LLC bought a new position in Heico during the 4th quarter worth about $37,000. Finally, FNY Investment Advisers LLC raised its stake in shares of Heico by 862.5% in the 4th quarter. FNY Investment Advisers LLC now owns 154 shares of the aerospace company's stock valued at $49,000 after purchasing an additional 138 shares during the period. 27.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Heico

In related news, CAO Bradley K. Rowen sold 1,326 shares of Heico stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $241.63, for a total transaction of $320,401.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julie Neitzel sold 676 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $223.00, for a total value of $150,748.00. The disclosure for this sale is available in the SEC filing. 4.86% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on HEI shares. Truist Financial raised Heico to a "strong-buy" rating in a research report on Friday, May 1st. Wall Street Zen raised Heico from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Citigroup restated a "buy" rating and issued a $403.00 target price (up from $323.00) on shares of Heico in a research note on Monday, June 1st. Susquehanna upped their price target on Heico from $321.00 to $365.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Finally, Royal Bank Of Canada raised their price target on shares of Heico from $375.00 to $390.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Heico has an average rating of "Moderate Buy" and an average price target of $371.62.

Heico Trading Down 0.1%

Shares of Heico stock opened at $344.83 on Monday. The stock has a market cap of $48.16 billion, a P/E ratio of 61.58, a P/E/G ratio of 3.68 and a beta of 1.03. The company has a quick ratio of 1.36, a current ratio of 2.92 and a debt-to-equity ratio of 0.53. Heico Corporation has a 12-month low of $256.11 and a 12-month high of $361.69. The business's 50 day moving average is $307.94 and its 200-day moving average is $314.38.

Heico (NYSE:HEI - Get Free Report) last released its earnings results on Wednesday, May 27th. The aerospace company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.33. Heico had a net margin of 16.08% and a return on equity of 17.52%. The business had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same period last year, the business earned $1.12 earnings per share. The firm's revenue was up 25.3% on a year-over-year basis. Equities research analysts predict that Heico Corporation will post 5.78 earnings per share for the current fiscal year.

Heico Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, July 1st. This represents a dividend yield of 8.0%. Heico's payout ratio is currently 4.29%.

Heico Company Profile

HEICO Corporation is an aerospace, defense and electronics company that designs, manufactures, and sells a range of products and provides repair and aftermarket services. Headquartered in Hollywood, Florida, HEICO supplies replacement components, repair services and engineered systems for commercial and business aviation, military and space markets as well as for selected industrial and medical customers. The company's offerings are focused on sustaining and improving the reliability and availability of complex equipment across its end markets.

HEICO operates through two principal business areas.

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